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Furfural Market growth will be fueled by increases in demand for bio-based chemicals manufacturing

Author : Ronak Bora | Published Date : 2019-03-29 

Global Market Insights, Inc. adds new Furfural Market report which provides in-depth information about Industry overview, top vendors, Key market highlights, product types, drivers, challenges, trends, industry landscape, size and forecast.

Furfural Market size has witnessed significant growth due to up surge in demand for renewable sources which has increased the demand for bio-based chemicals among manufacturers.

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Increase in consumption of pesticides and fungicides in agriculture sector in various countries has flourished the furfural market. Rise in demand of the product in pharmaceutical sector is one of the prime indicator in boosting the industry growth. Moreover, furfural market is expected to escalate with changing trend in food & beverages in customers is expected to have a positive impact on the market size.

Increasing investment done in research & development activities by several market leaders will fuel the furfural market. Corrosive & physical resistance and thermosetting properties are few other key drivers to boost the market size. Basic raw materials used in manufacturing this product are almond husk, oat husk, cotton husk, bagasse, rice husk, bran and corn cobs.

Furfural market is used in various industries which include intermediaries, pharmaceuticals, solvents and furfural alcohol. Some other applications of the product market are herbicides, insecticides, pesticides and flavours & fragrances. Among this, furfuryl alcohol dominates the application segment due to its growing use as a binder in foundry industry as it offers superior binding properties and mechanical strength which are most needed in sand molds and cores of foundries.

The product is used in many end-use industries into pharmaceuticals, paints & coatings, agricultural formulations and petroleum refineries. Amongst, pharmaceutical and agriculture sector is expected to drive the product demand owing to its wide range of furan based solvents and chemicals.

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Europe is second largest furfural market due to rising regulations created by REACH in using eco-friendly chemical products. Rising awareness regarding furfural among customers has accelerated the market demand. Moreover, furan derivatives are used in various applications including production of construction material, textiles and polymers which will augment the furfural market.

Asia Pacific, dominated by China is the fastest growing region for furfural market due to up surging demand for furan resins and easy availability of raw materials. Surging growth in grinding & abrasive wheels, refinery and pharmaceutical resins in India will enhance the industry size in the region.

Global furfural market is fragmented and highly competitive in nature with presence of numerous regional and international players, worldwide. Several key industry players are Tanin Sevnica, Silvateam, Penn A Kem, Lenzing, KRBL, Illovo, Hongye Holding, Central Romana and Arcoy.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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